Neobank's Token Crashes 49% After $1.1 Million Hack

A recent hack of an outdated Rain card contract drained around $1.1 million from various Solana-based programs, including over $500,800 from 1,685 users at neobank Avici, causing its AVICI token to plummet by as much as 49%.

The hack targeted a Solana contract used for topping up cards, leaving the company's self-custodial wallets on Solana and Ethereum-compatible networks unaffected. Avici has assured that every affected card balance will be refunded.

Rain, the provider of the underlying stablecoin card infrastructure, identified the vulnerability in an outdated contract version used by Avici and a small number of other programs. The company upgraded all affected contracts to prevent further unauthorized activity.